Ukraine war: Germany ‘not against’ Russian oil ban as EU weighs move in latest sanctions

Germany would be ready to back a European Union ban on Russian oil imports, two senior ministers have suggested.

The comments came as EU officials prepare to reveal the latest round of sanctions this week, which may include a call for a ban by the end of the year.

It is the latest sign that Olaf Scholz, the German chancellor, has changed his cautious approach to steer the country away from Russian energy, even if it comes with a economic cost.

Economy Minister Robert Habeck said Germany would support an EU-wide ban, regardless of whether the suspension was immediate or before the end of the year.

“Germany is not against an oil ban on Russia. Of course it is a heavy burden, but we would be ready to do it,” Habeck told reporters in Brussels ahead of talks with his EU colleagues.

Finance Minister Christian Lindner of the pro-business Free Democrats said the German economy could tolerate an immediate ban.

“With coal and oil, it is now possible to forego Russian imports,” Lindner told WELT broadcaster.

“It cannot be ruled out that fuel prices could go up.”

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New EU oil sanctions

It comes as two EU diplomats said over the weekend that the bloc is leaning toward a ban on Russian oil by the end of the year as part of a sixth sanctions package against the country.

The sanctions could include possible exemptions for countries such as Hungary and Slovakia, which are heavily dependent on Russian crude.

EU officials also warned that anyone complying with Moscow’s demands to pay gas bills in rubles would violate existing sanctions.

If the latest package includes an embargo on the purchase of Russian oil, Moscow would be deprived of a significant revenue stream.

Russia supplies 40% of the EU’s gas and 26% of its oil imports.

‘There will be price increases’

Despite concerns from some of the bloc’s 27 members, support for an oil ban on Europe’s largest economy indicates resistance to such a proposal is fading.

Before the Russian invasion of Ukraine in late February, Germany cut Russian oil’s share of the country from 35% to 12%.

Now, Germany is working to find alternative fuel supplies, particularly for Russian oil that arrives by pipeline at a refinery in Schwedt, which supplies eastern German regions as well as the Berlin metropolitan area.

The Green Party’s Habeck said there is “no solution yet” on how to replace this.

“We cannot guarantee that supplies will be continuous,” he added.

“Surely there will be price increases and there will be some blackouts. But that doesn’t mean that we will fall into an oil crisis.”

Habeck said “it would help to have weeks or months to do all the technical preparations” before an outright ban.

‘Token’ UK ban

Greenpeace has called the UK’s ban on Russian-owned or operated ships “symbolic”, with eight tankers carrying £220m of oil imports arriving in Britain since the invasion began.

Russia supplies 18% of the UK’s diesel, used mainly in cars and heavy transport, as well as in agricultural and fishing vehicles.

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The UK has vowed to phase out Russian oil before the end of the year in a bid to stifle “a valuable source of revenue” for Moscow.

Greenpeace said this year-end ban comes too late, and the organization’s analysis indicates how much money could get to Moscow before the ban goes into effect.

Russia has required payments for oil to be made in rubles in a bid to prop up its falling currency, which has been hit hard by sanctions.